The biggest problem Americans face when planning for retirement is ignorance. The survey found 63% of Americans find investing "complex and confusing" and 40% [of pre-retirees] "don't know what to do to prepare for retirement."

Consumer spending was stronger than previously estimated, and it was the main reason overall economic growth was revised higher. Personal consumption grew by 2.8%, up from 2.1% in the Commerce Department's initial estimate.